Builidng Update

We did not successfully arrange financing for the purchase of the Melbourne Heights Baptist Church before the end of September. The banks we were working with indicated that they would be more willing to finance the purchase after we sell our downtown Church and use the proceeds to reduce the size of the loan to $1.4-$1.5 Million. We have a signed purchase contract from the Kristy Love Foundation to buy our Church for $800,000 with a projected closing date of mid January.

While the Sellers have placed their Church back on the market, it is possible that it will still be available after we close on our building. If it is, the Board will determine if that is still in our best interests and act accordingly. We will update the membership regularly as this process continues.